Is Housing getting unaffordable in the US? (29Jun2023)
Over the last few years, we have seen a climb in inflation and recent house prices have hit record highs. Is housing getting unaffordable in the US? Is the income sufficient to cope? For this article, let us focus on household income and home price growth. Household income This is the extract from a recent article dated 21 June 2023 from The Hill: The typical U.S. family earns about $71,000 per year, according to the Census. Yet, the average American believes a family needs at least $85,000 in annual household income to get by, according to a recent Gallup poll. According to this article, the typical US family is short of USD$14,000 per year. Is this why the total credit card debts in the USA have hit USD$988 billion? Here is another news extract from The Hill dated 27 June 2023: One-third of Americans with credit card debt say no one else knows how much they owe, according to a new report. The nation’s credit card balance hovers around $1 trillion, and in...